Financial protection such as insurance can help ease some of the stress at difficult times and ensure that financial worries do not add to your family’s emotional burden at time when they are least able to cope. Your financial adviser can help you choose the right mix of insurance for you and your family’s particular circumstances.

Trauma insurance

A serious illness, such as cancer, a stroke or a heart attack, can strike at any time, causing physical and emotional trauma.

While modern medicine can provide many people with a good chance of recovery, the financial consequences of a serious illness can be devastating. Unfortunately, bills don’t stop coming just because you’re ill.

For those recovering from an illness and facing a lengthy period of recuperation, there is often the financial burden of medical bills and expenses, the ongoing costs of rehabilitation and care, possible modifications to the home and even forced early retirement.

Few people have the necessary savings to pay all these expenses or to manage without a regular income.

Trauma insurance can help you cope financially with the impact of a disability, illness or injury. It is paid as a lump sum and can be used to pay for changes to your lifestyle or for care required as a result of the trauma.

How much insurance do I need?

There is no right or wrong answer to this question. What is important is that you understand how to calculate the amount of insurance that is right for you.

Following a traumatic event, an adequate level of insurance will allow you to pay off the mortgage and other debts, provide for your children’s education and allow your family to maintain their lifestyle.

You can structure your insurance to minimise your tax obligations. Give us a call to arrange a no obligation (and no cost) meeting to discuss your specific circumstances.